How to Draw Gold Trading Fibo Retracement on Downward Gold Trend
How Do I Use Fibonacci Retracement Technical Indicator on Downward XAUUSD Trend?
Traders use Gold Trading Fib retracement tool to determine where to place a sell gold trade in a downward xauusd trend.
How to Draw XAUUSD Trading Fibo Retracement on Downward XAUUSD Trend
To Draw the Gold Trading Fib retracement indicator the first thing to know is that this Fibo Retracement indicator is always drawn in the direction of the trend.
If the gold trend is downward - Fibonacci Retracement technical indicator tool is drawn downwards.
How to Draw XAUUSD Trading Fib Retracement in a Downward XAUUSD Trend
In the xauusd examples illustrated and described below of how to draw the Gold Trading Fib Retracement tool, the xauusd market trend is moving down between chart point 1 & chart point 2, and then after chart point 2 the xauusd price then retraces up to 38.2% Gold Trading Fib retracement level then it continues moving downwards in original downwards trend. Note that this Gold Trading Fib retracement indicator is drawn from chart point 1 to chart point 2 in direction of the Gold Trend (Downward Direction).
How to Draw Gold Trading Fibo Retracement on Downward Gold Trend
Technical Analysis of How to Draw Gold Fib Retracement in Down Gold Trend
The above Gold Fibo Retracement technical analysis example xauusd trading setup is a Gold Trading Fib Retracement setup where the price retraces immediately after getting to the 38.2% XAUUSD Chart Fibo Retracement Level.
In this Gold Fibo Retracement technical analysis example the retracement of the xauusd price reached 38.2% Gold Trading Fib retracement level and did not get to 50.00% Gold Trading Fibonacci retracement level. It's always good for xauusd traders to use the 38.2% Gold Trading Fib retracement level because most times the xauusd price retracement does not always get to 50.0% Gold Trading Fib retracement level.
This 38.2% Gold Trading Fibo Retracement level provided a lot of resistance for the xauusd price retracement, this was the best place for a trader to set a sell limit pending order as a xauusd market trend quickly moved down after retracing to this xauusd price retracement level.
Tutorial of How to Draw Fibo Indicator on Gold Charts
Tutorial of How to Draw Fibo Indicator on Gold Charts
